Research On Risk Management For Financing System Accounts Receivable Pledge

Small and medium enterprises are an important part of our national economy, solving their financing problems need the support of financial institutions and the cooperation of all enterprises in the supply chain. However, in the process of cooperation, cooperative enterprises that participate in supply chain finance business often damage interests of other enterprises in order to maximize their own profit. In a competitive market, existence of principal-agent, transaction cost and information asymmetric problems make the operation risk of pledge of accounts receivable financing may occur at any time. How to develop a reasonable management scheme for the risk management of the pledge of accounts receivable financing, so that enterprises can adapt to changes of market environment, and ensure the smooth repayment of loan funds become the key to the survival and development of enterprises.Through reviewing domestic and foreign risk management research of the supply chain finance, combined with the characteristics of pledge of accounts receivable in supply chain finance mode, and based on information asymmetric theory, transaction cost theory, principal-agent theory and self liquidating theory to make economic analysis. From the supply chain perspective, considering the relationship structure and the transaction characteristics among enterprises within the supply chain, the paper describes the specific business process of pledge of accounts receivable financing, and points out the importance of ensuring financing capital return. The paper uses the risk management to make qualitative analysis for the risk existed in the process of the business operation, clears the key links of risk management to carry out the financing mode, and arrives at a conclusion that guarantee the funds return of core enterprises in the supply chain, which should return accounts receivable is an important link in the risk management. On this basis, establishing the logistic regression model for operation risk of pledge of accounts receivable financing mode, and determining the evaluation accuracy of model prediction. The paper also proposes the management scheme to against the risk of pledge of accounts receivable financing business, and based on the supply chain coordination to make the quantitative risk management decision for the financing funds return. Meanwhile, the paper does the study on the basis of basic buy-back contract and the buy-back contract based on consumer preferences respectively, further puts forward the optimal decision scheme of supply chain coordination when consumers’ quality preference influence the market demand. In order to verify the effectiveness of decision model and explain how to use the conclusion support decisions, the paper introduces the numerical computation.In the implementation of the pledge of accounts receivable financing, from comprehensive risk management perspective, and through planning the scientific, reasonable, systematic management scheme and supply chain coordination decision, coupled with efficiently using the strength of cooperation enterprises within the supply chain that small and medium enterprises participated in, can effectively improve profits of enterprises and financial institutions, enhance the stability of supply chain, and reduce the financing risk.